What Does a Mortgage Loan Processor Do?
While your mortgage loan is underway, you may find yourself talking to a mortgage loan processor, as they are an integral part of our team working behind the scenes for you. A great loan processor can make the difference in your loan being approved or declined by how they present your loan package to the underwriter.
A processor’s knowledge and expertise are critical because understanding loan guidelines is the key to the loan being approved in an efficient manner. The loan processor prepares your loan “file” for presentation to the loan underwriter. Processors work to confirm that all proper documentation is included and that all numbers are calculated correctly. They are also responsible for meticulously checking every detail, such as debt-to-income ratio, employment, history and much more.
Once the loan is approved, the processor will receive a list of prior-to-close document conditions that must be met before the closing documents are released. The processor also coordinates with the closing department to ensure that everyone is on the same page with closing dates and other details.
Our loan processors are the backbone of our business, and we are grateful to have them on our team. Knowing that our clients are being well served by our processors makes everyone more confident in the loan process and makes lending far less stressful. To learn more about how we can work to make your home loan or refinance easier than you thought possible, give me a call. I look forward to talking with you.